Weston CPC weighs 5-year versus 20-year bond for $12.7 million tavern project

WESTON — October 7, 2019 — Weston's Community Preservation Committee is weighing two bonding scenarios for a $12.7 million Josiah Smith Tavern renovation after ruling out an all-cash payment from the CPA fund. Committee chair Steve Ober told members at the October 7 meeting that the fund is projected to hold just over $10 million at fiscal year-end, leaving a gap of roughly $2.7 million and making an all-cash approach — which would have required only a simple majority at town meeting rather than a two-thirds vote — no longer viable. The committee is now comparing a 20-year bonding option, with roughly $9 million paid upfront and $3.7 to $3.8 million bonded, against a five-year option using a $8.9 million upfront payment and the same bonded amount repaid more quickly. Ober noted the cumulative interest savings of choosing the five-year term over 20 years amounts to $1,088,850, "if you ignore the time value of money." The committee's public hearing, moved from October 21 to October 28, will give members access to filed sub-bids from specialty contractors before a formal recommendation is made.